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Most Profitable Business In Singapore 2019 Update

Most Profitable Business In Singapore, Most Profitable Business In Singapore 2019 Update

Many people around the world perceive Singapore as an
excellent tourist hub, what with its sights and sounds, the
hospitality and warmth of the people and the multicultural
atmosphere that it has to offer.
There’s no doubt about the fact that Singapore has something
for everyone and can yield some amazing experiences for
tourists when it comes to their epicurean delights, globally
renowned tourists spots, clean and secure environment and
entertainment options.
Did you know that Singapore also offers an extremely
business-friendly environment to foreign investors? In fact, it
has recently been adjudged the best-value city for foreign
businesses.
All the factors that are conducive to starting and running a
new business such as a strong forex market, free market
economy, financial stability, robust legal and regulatory
framework, advanced and efficient infrastructure, a corruption-
free system, strategic geographical advantages and skilled
manpower are easily available which make it a very attractive
investment hub.
Top international firms like Apple, Google, Credit Suisse, DBS
Bank, Procter and Gamble, Microsoft, et al have already
acknowledged the potential in Singapore and have set up
successfully running businesses here. There is also immense
scope for business entertainment, which Singapore considers a
crucial part of promoting foreign investment.
If you’re looking for a healthy environment which is especially
good for sustaining a start-up business, then Singapore is your
one-stop destination. In fact, there is scope for all kinds of
businesses to flourish here. Read on to know more about the
most successful and lucrative business options (in no particular
order) that you can start in Singapore.

Travel and Tourism

The travel and tourism industry is one of the largest
contributors to the Singapore economy. The country’s
natural beauty, flora and fauna as well as heritage structures
are pleasant to the eyes. Singapore is known to be a safe
tourist haven bundled with pocket-friendly shopping options.

If the 2012 statistics provided by the Singapore Tourism Board
are to be believed, then Singapore tourism receipts registered a
staggering S$23 billion, with International Visitor Arrivals
alone at around 14.4 million. The numbers mentioned here
speak for themselves and the scope is only expected to grow.
You might want to think about tapping potential domestic and
international tourists by setting up your own travel agency or
an airline that would cater to their every need and make their
visit a memorable one.

Hospitality

Any destination that has a booming tourism industry will
most definitely have a growing hospitality industry. This
includes small-time bars and cafes to large multinational
chains of hotels and resorts to the food and beverage industry
here.
As Singapore is a major tourist destination, boutique as well as
major luxury hotels have great scope for business – not only
from the business perspective but also from the employee
perspective.
Maybe you too should make hay while the sun shines and
invest in this sector.

Information Technology

Many globally-renowned IT firms have already set up
businesses in Singapore owing to the growing potential and
skilled labour available in this arena. The infrastructure in
Singapore has also been established keeping in mind the
support that IT businesses would require in the years to come.
You could set up a business that provides a variety of IT
services such as wireless networks, or web development, social
networking, website designing or other businesses depending on
your interest. Cyber laws here are well-equipped to regulate the
internet and are updated on a regular basis.

Biotechnology

Biotechnology is a rapidly developing industry in Singapore
and has lately been attracting a lot of foreign attention. The
government of Singapore is leaving no stone unturned in
promoting this sector as a knowledge-based one.
Whether it is spending on the development of infrastructure,
R&D facilities, technology or other aspects that support this
industry, the government has been investing a great deal of
money in it.
International players like Pfizer, Novartis and
GlaxoSmithKline have made their presence felt here. You too
can make an investment in this sector and gain from it.

Telecommunications

Singapore is also known to be one of the major telecom hubs
in the Southeast Asian region. Be it mobile phone connections
or providing internet services, there is a whole market that has
been left untapped by existing telecommunications players.
Although the existence of private players is very prominent,
facilities such as radio and television stations are all
government-owned bodies. The print media is dominated by
Singapore Press Holdings and MediaCorp.
This is a good time to think about investing in this sector and
tap the market that is waiting to be catered to.

Fashion Retail

Singaporeans are a very fashionable bunch of people. They love
keeping up with the latest trends and looking their best at all
times. International high street fashion brands such as H&M,
Aldo, Levis, Zara and the ilk are already making their chunk
of profits here.
Tourists coming from all over the world shop in Singapore and
stock up on these brands, the products of which are available at
reasonable prices.
As the fashion retail industry in Singapore is bound to
flourish, you could open a retail outlet/franchisee and make
your pile of profits too.

Education

This is an up-and-coming industry in the world of business in
Singapore. It offers a lot of scope to businessmen as there are
very few institutes within Southeast Asia that provide quality
education.
Not only do Singaporean institutes provide good quality
education but their courses are also in high demand. This is
turning out to be a preferred destination especially for
Southeast Asian students who want to go for higher studies
but without venturing far away from home.
You could consider setting up business in this sector that
provides accredited courses in travel and tourism, hospitality,
fashion designing, business administration, science and
research and so on.

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